BREAKING: Court Grants N500million Bail To Former Warri Refinery MD

The federal high court sitting in Abuja has granted bail to the former Managing Director of Warri Refining and Petrochemical Company Jimoh Yisawu in the sum of N500million and one surety in like sum.

Mr Yisawu was arraigned by the EFCC on a 8 count charge of alleged money laundering.

Mr Yisawu pleaded not guilty to the charges

In the charge, the EFCC alleged that between October 2023 and May 2025, Mr Yisawu indirectly converted $789,950

The second count accused him of making cash payments totalling $789,950 without routing the transactions through a financial institution, contrary to the Money Laundering Act.

In the third count, the EFCC alleged that between February 2024 and March 2025, Mr Yisawu indirectly converted $122,600.

After the defendant took his plea the prosecution moved for a trial date to be given by the court.

However, counsel representing the defendant informed the court of a bail application.

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He told the court that Mr Yisawu was granted administrative bail by the EFCC since March 25 2025.

He prayed the court to admit his client to bail.

Delivering the ruling Justice Iyang Ekwo granted the bail in the sum of N500million and one surety in like sum.

The surety must have landed property within the jurisdiction of the court and the registrar of the court should verify the property.

The defendant is to deposit his travel documents with the court, and not travel outside the jurisdiction of the court without the court’s permission

Mr Yisawu is to remain with EFCC until perfection of conditions.